KB Home on Tuesday said that its fiscal first-quarter loss increased as the homebuilder delivered fewer homes to buyers and reported fewer orders made for new homes.

The Los Angeles company, the nation’s fifth-largest homebuilder, reported a loss of more than $114 million (-$1.49 per share) for the quarter ended Feb. 28, compared with a loss of $54.7 million (-71 cents) a year earlier. The quarter included a $45.1 million charge for inventory impairments, land-option contract abandonments, and losses on its investment in South Edge LLC, a Las Vegas developer that went into involuntary Chapter 11 in December.

Revenue declined 25 percent to less than $197 million. Homes delivered fell 28 percent to 949, but the average selling price rose 4 percent to $205,700.

Analysts surveyed by Thomson Reuters on average had expected the company to report a loss of 27 cents per share on revenue of more than $223 million.

Net orders fell 32 percent to 1,302 homes. Sales were up at this time last year in advance of the expiration of a federal tax credit for new home purchases.

“As this year’s spring selling season has commenced, we are encouraged by the higher traffic we experienced in the first quarter compared to a year ago,” Chief Executive Jeffrey Mezger said in a statement. “We believe that our operational business model and proven strategies will continue to provide us with a competitive advantage as.”

Shares closed down 51 cents, or 4 percent, to $11.69 on the New York Stock Exchange.